To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/darden-restaurants-agrees-to-acquire-cheddars-scratch-kitchen-for-780-million-adds-a-casual-dining-value-leader-to-dardens-portfolio-of-differentiated-brands-300429851.htmlSOURCE Darden Restaurants, Inc.: FinancialRelated Linkshttp://www.Darden.com “Cheddar’s is an undisputed casual dining value leader with broad appeal and strong average restaurant volumes,” said Darden CEO Gene Lee. Ian Baines , CEO of Cheddar’s, will remain President of Cheddar’s and report to Gene Lee , Darden President and CEO. Ian Baines, Cheddar’s CEO, stated, “We are excited about the opportunity to be a part of Darden. Transaction HighlightsDarden has agreed to acquire Cheddar’s for $780 million , subject to customary adjustments.

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Darden Restaurants to buy Cheddar’s Scratch Kitchen for $780 million

Olive Garden owner Darden Restaurants said on Monday it would buy Cheddar’s Scratch Kitchen for $780 million in an all-cash transaction. Darden reported earnings of $1.32 per share, versus $1.27 per share predicted by analysts, according to Thomson Reuters consensus estimates. The company reported earnings per share above the Street’s estimate by 5 cents. Darden said it would buy the restaurant chain from its shareholders including private equity-firms L Catterton and Oak Investment Partners. Bank of America/Merrill Lynch is the financial adviser and Hunton & Williams is the legal adviser to Darden.

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